CEO Update - 19 June 2023

Mediscience Sector Award

We were delighted to be recognised as winners of the Most Significant Contribution to the Mediscience Sector Award at last week's European Mediscience Awards. Not only was this a big boost for the team but it’s also great to know that BIA work done on Silicon Valley Bank and R&D tax credits is appreciated across the sector. 

Despite the celebrations much work went on last week too. The Future of Healthcare Investment Forum hosted by the London Stock Exchange brought together investors old are new with companies starting scaling and established. The combination of commercial excellence, scientific development and the awakening of the London scene is heartening to see in one room. This positivity was reinforced by a new document from the British Business Bank focused on early stage investment, there were a couple of nuggets there for our sector discovered by my colleague Martin Turner. 

• Life sciences represents 16% of total UK VC investment between 2020-22, making it “one of the biggest” sectors for VC investment (page 59)
• The median average pre-money valuation of life science companies has risen more than threefold from £2.0 milion in 2013 to £6.7m in 2022 (£0.3m higher than the average across the wider VC market) (page 59)
• Early-stage VC valuations increased (significantly) between 2021 and 2022, while valuations at seed and later stage fell (page 58). That’s pretty surprising given the funding environment, so I am guessing a few deals skewed the results
• The US has lost global life sciences VC investment market share to China over the past decade but the UKs has remained relatively stable at about 5% (page 61)
• The UK invests 0.15% of GDP in life science VC whereas the US invests 0.26% (60% more). Most interestingly, the two countries invest an equal amount of their GDP in other sectors VC (page 63).

Voluntary Pricing and Access Scheme (VPAS)

I know members are keen that the UK government and industry rapidly agree a positive new Voluntary Pricing and Access Scheme. You can read our contribution to the VPAS debate. So I’m disappointed that energy has been diverted into a judicial review brought by the British generics Manufacturers Association and likely to be heard at the end of the month. You can get further insight from ABPI and British Generics.

Women in Biotech

Scale Space in West London was buzzing at last week's Women in Biotech event. I’m glad so many members are finding the mentoring scheme useful and effective and I also learnt a lot from the panel on developments in cell and gene therapy.

Honours

In The King's First Birthday Honours list was published this weekend, it was good to see recognition for Ian Charles. Congratulations to UK life science champion professor John Bell, for receiving the highest honour available companion of honour.

BIA Summer Party

I hope you are able to enjoy some of the fine weather. We’ve been enjoying this tune and can I remind you that tickets for the BIA’s own Summer Party selling out fast. If you want to join us at the Langham next month book your tickets now!

Have a great week, and I look forward to seeing many of you at the BIA’s Life Science Leaders Summit in the next 24 hours.